question I accepted a $7G offer. Then find out buyer is whale. Can I cancel?

[WhoaDomain.com]

So yea. I got an offer on a 6 letter domain via email. the domain is IOT + MMS .com.

Did not think nothing of it. Comps show similar IOT sales and MMS sales as high as $20,000.

I forgot about the offer over the weekend. They came back with $4,000 and since I didn't check my emails over the weekend. They countered with $7,000.

To be honest I did the rookie move and did not pay attention to their email address which was a Mcdean.com email address.

I was being quirky and accepted the $7,000 offer via email without a thought as I thought (at the time) it was fair.

but now after finding out more about this Mcdean.com website with over 2,500 employees worldwide. I'm having sellers remorse.

So is my acceptance via email a legally binding agreement or can I cancel and ask for more? That's question number 1.

And #2 is of course should I renegotiate at this point?

I know it's a jerk move but after seeing the McDean.com website which looks like an 80's website I got the "bug" and now thinking maybe I shouldn't have jumped at the $7,000? I mean without me even countering his first $4,000 offer. He jumped up to $7,000.

I think I had asked for $10,000 first. he asked if we could meet in the middle at $7,000 he even said he'd add $400 to cover the escrow fees.

Am I missing out here? seems like he could have paid more as he's very "easy going" with this purchase especially jumping from $4,000 after no response up to $7,000? That's a big jump.

or is $7,000 fair market value for IOT + MMS .com?

Of course I understand that I could royally screw this up by reneging and asking for more this point and he might walk away.

I'm more concerned of the legal aspect.

 

[usernamex]

Of course I understand that I could royally screw this up by reneging and asking for more this point and he might walk away.

Take the money and be happy with it. Finally.

Please recall the number of four figure sales you have denied yourself in the past and just take this one. There are thousands of domainers who would be delighted with this sale.

Also consider deleting your entire post until the sale is ACTUALLY completed. Agreement reached by email is not super binding at best.

Plus how would you feel if they came back and after agreeing to $7K said they changed their minds and are now back at $4K?

 

[bmugford]

You agreed to a price. Honor it.
I would be happy with the sale price.

Brad

 

[TERADOMAIN]

Commitment is very important in life. Its easy to say but hard to follow in life.

In short no ooops no aaahss... No reason to think anything else. No other reasoning or any other choice.

Follow right thing and honor your commitment. Everything will be placed in right place by itself.

Thanks

 

[hxp]

Your choices are:

1. Accept it and move on.
2. Renegotiate and ruin your reputation, as well as your sense of integrity.
3. ???

Answer is obvious IMO.

I personally wouldn't be inclined to work with you knowing you pull, or have pulled, this kind of shit...

 

[equity78]

I've always known the answer is obvious.
Sure does make you feel stupid not having checked the email address. but hey it's $7,000. not too shabby. Where else can you turn $10 bucks in $7,000?

I'll let you guys know once the sale is complete.

I don't know why I post these on here when I already know what to do. I guess I just want a last ditch second opinion.

And I haven't "yet" pulled this kind of sh*t. so will you still deal with me? lol

damn. Money sure does test ones morals and integrity.

Next time? Check the email address! lol

Thanks.

Don't make the mistake of always thinking every qualified big company buyer will pay whatever. They won't. IOTMMS is not exactly a great name where a company may feel they have to have it. When it's a LLL,LLLL or generic one word.com I can see having remorse.

I remember about 6 years ago, I was brokering a name, turned out the client made contact with a company and let me know, I actually knew the person who he spoke to, I knew this person would be straight up with me.

I said you guys are a Fortune 1000 company, you can probably afford the asking price of $75,000. He replied that their size meant nothing, the department he was in charge of had a budget and the name wasn't "that" important to them, take the $10,000 or leave it, we are not paying a penny more. The name was a two word .com that was nothing on the great scale, it was good but not great.

I told the seller to take the $10,000 and he did.

 

[gilescoley]

Haven't read the whole thread so I may be repeating some stuff on here already, but this is my take anyway

Just some advice when you get and offer..

Never ever reply to an offer until you have researched the company and you know the following info:

1) Who emailed you (the CEO, Business Development Manager, legal Counsel etc) I have received emails in the past from a free hotmail or gmail address to hide the person's identity.
2) The size of the company, small, national, international? Where the company offices are? Where is the head office? etc
3) Their financial figures, net worth etc...its not hard to find this on Reuters, Bloomberg, Yahoo Finance etc (https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4308051)
4) What other domains they own? Do they own similar names to the name they want from you? And if possible how much they paid for them? Its amazing what you can find with a bit of searching. (they currently own 204 domains)

These are the 4 things that give me a good idea whether I accept the initial offer or/and how much my counter will be?

So is my acceptance via email a legally binding agreement or can I cancel and ask for more? That's question number 1.

Your reputation is worth more more than that, follow through with the sale if you agreed on a price. Its not worth trying to negotiate from 7K to 10k.


2 things you did wrong here, see below

Did not think nothing of it

Treat every offer you get as "the big one"

I forgot about the offer over the weekend

Never forget about an offer and start doing your research straight away, if you wait the trail could go cold, for all you know they are deciding between 2 or 3 different domains, if they get a response from the other owner, they might go with that name. Make replying to domain offers a priority.

Never put the company name or domain in a post like this, its pretty easy for them to see this and start working out a response for you. You modified the domain but not their company domain name (Mcdean.com)

Just take it as a lesson learnt, they could back out of the deal if you start asking for more money...its a very good price for the name.

Good luck

 

[LarryDomain]

You should be ashamed of yourself to even be thinking of reneging on a deal. Bad karma will follow you.

One time I quoted a guy $500 for a domain and he came back to me several months later and said I'll take it. It was a crypto related domain and since I didn't say you had a certain amount of time to respond. I went ahead and sold it to him for $500. It's worth closer to $5000 after the passing months.

Moral of the story is, honor your deals. AND set a time limit on your prices!

 

[usernamex]

Use the "Edit" button and either delete the whole thing or edit out any information about their company and the domain name

 

[hxp]

I've always known the answer is obvious.
Sure does make you feel stupid not having checked the email address. but hey it's $7,000. not too shabby. Where else can you turn $10 bucks in $7,000?

I'll let you guys know once the sale is complete.

I don't know why I post these on here when I already know what to do. I guess I just want a last ditch second opinion.

And I haven't "yet" pulled this kind of sh*t. so will you still deal with me? lol

damn. Money sure does test ones morals and integrity.

Next time? Check the email address! lol

Thanks.

From what I've seen, you're a really eccentric guy, but your heart is usually in the right place.

And, I understand why you asked this question. You don't want to leave money on the table. Of course. But, it's generally something you ask/think about before explicitly accepting an offer.

Reputation really is everything. As domainers, we already start behind the line thanks to the whole cybersquatting thing, and the added doubt of dealing with strangers on the internet. So, it's a good idea not to further disadvantage yourself.

I think, if you want to further profit from this deal, close it in an honest and respectable manner. Then, introduce the buyer to some of your other, similar, domains.

The buyer is obviously in the market, and you've already set the price range. So, if you can sell another domain or two for ~$7k, that would definitely make up for any perceived losses. No?

Good luck!

 

[Keith]

If you accepted the offer then it’s a done deal. Sellers remorse is the worst and there is no way you can be respected if you don’t sell at the agreed price.

 

[WingMan]

Don't worry, be happy

 

[domainwest]

just take the money and run

 

[TERADOMAIN]

I've always known the answer is obvious.
Sure does make you feel stupid not having checked the email address. but hey it's $7,000. not too shabby. Where else can you turn $10 bucks in $7,000?

I'll let you guys know once the sale is complete.

I don't know why I post these on here when I already know what to do. I guess I just want a last ditch second opinion.

And I haven't "yet" pulled this kind of sh*t. so will you still deal with me? lol

damn. Money sure does test ones morals and integrity.

Next time? Check the email address! lol

Thanks.

If Money does test our morals then we don't have morals but policy in life which changes over the time.

Thanks

 

[mr-x]

I was being quirky and accepted the $7,000 offer via email without a thought as I thought (at the time) it was fair.

I played that game once.. it cost me 10k. Don't be a dick and sell the name.

 

[imadoer]

What ever happend to ethics? what if you cancel then he backs out?

 

[karmaco]

Take the money. Not trying to pick but you have had numerous other threads where you want more money or negotiation is off. Are you in the business of acquiring or actually making money?

Just because someone can afford more doesn’t mean they will pay more. You can’t base your business on that. You chose prices you are comfortable with and stick close to that. Indecisiveness is a detriment in this business as well as like you mentioned being so concerned your going to get duped that you never sell.

 

[Acroplex]

Email is not binding. Many large company buyers agree in principle on price and drop out at the last minute because their partners or shareholders do not agree on the price. Real estate, company buyouts happens all the time. Do what you have to but be prepared to lose the sale since you can look untrustworthy.

Yeah? In Florida, and other states, even an oral agreement is binding. Try pulling that off with a corporation of this magnitude. Their lawyers will promptly remind you what it means to accept an offer.

I'm guessing the OP is seeking a good angel / bad angel set of responses. But there is only one answer.

 

[DNGear]

 

[tiawalling]

Your posts are always interesting.
You always have an answer for everything and yet you seems to ask a lot of question.
Just Trust your instincts...... And follow through.
7k is a good amount, I would take it without another thought.
Good luck on the sale and hope you post bout it for another interesting read.

 

[usernamex]

Take out THEIR company name, just because you masked the domain name doesn't mean one of their 2500 employees won't stumble across this post looking for something about themselves

And now if you don't act fast you won't be able to edit

 

[WhoaDomain.com]

Your choices are:

1. Accept it and move on.
2. Renegotiate and ruin your reputation, as well as your sense of integrity.
3. ???

Answer is obvious IMO.

I personally wouldn't be inclined to work with you knowing you pull, or have pulled, this kind of sh*t...

I've always known the answer is obvious.
Sure does make you feel stupid not having checked the email address. but hey it's $7,000. not too shabby. Where else can you turn $10 bucks in $7,000?

I'll let you guys know once the sale is complete.

I don't know why I post these on here when I already know what to do. I guess I just want a last ditch second opinion.

And I haven't "yet" pulled this kind of sh*t. so will you still deal with me? lol

damn. Money sure does test ones morals and integrity.

Next time? Check the email address! lol

Thanks.

 

[Bob Hawkes]

Agree with those that say don't even think of renegotiating - you accepted an offer, and you should honour that.

I would also mention that to me it looks like you are getting a great price on the domain name anyway. I really don't feel it is worth more than what their offer is.

Take the cash and be happy.

 

[hawkeye]

@Avtar629 Why are you blaming Mike Mann for your greed hunt? He your idle or something? Or is his sales the only ones you ever read about? You should look at dnJournal, NameBio, and even here on the Reported Sales thread. There's some pretty big sales known to be posted in those places too. Your problem, is not 'Mike Mann', it's as you pointed out -

it just causes the "itch" to be more itchy like gold fever. his sales really makes other tiny fish think irrationally.

, or in layman's terms....'your greed'! ....good grief!

 

[xynames]

Let us know if this deal actually closes.

 

[Elad n]

Im interested to know if from all of this long thread we have a 7k sale or not lol